Riverside again

 

16 Hearthstone "Drive"

16 Hearthstone “Drive”

16 Hearthstone, $1.7 million (!) has an accepted offer after just 17 days, which usually indicates that someone’s paying close to full price. I suppose this makes sense for a family who wants into Riverside for under $2 and plans to pretty much leave the house as is (although when a listing says, “expand, renovate or start anew” it’s a strong hint that the house has exhausted its shelf life) or they plan to replace it with a $1.5 million structure and be all in at $3.2.

I hope though, that a builder’s buying it because he’ll lose his shirt, and two years from now the foreclosing bank will be interested in some serious discussions about price.

Or that’s my take on the Riverside boom, anyway, especially Hearthstone, where there are five or six new homes being built that will have to fetch at least $3.4 million apiece to justify the $1.4 third-of-an-acre lots they sit on. If all goes well the street will be transformed into a wealthy enclave of mini-pads and everyone will be happy. My skepticism about that scenario, however, stems from the history of the Hearthstone speed bumps.

Hearthstone’s a short stretch of road connecting Lockwood to Hendrie and as such serves as the main conduit to Riverside School and I-95. For decades, the residents installed speed bumps to slow the steady flow of traffic whizzing by their homes and for decades the town made them remove them because Hearthstone’s a public, not private street and no one may impede traffic on it. The bumps were finally permanently removed, but the traffic that inspired them remains. In fact, it’s probably doubled since battle was first joined. If potential buyers for those $3.4 million homes decide that a Concours d’Escalade is a bit much to bear all day, every day, and look elsewhere, bummer.

14 Comments

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14 responses to “Riverside again

  1. anon

    That’s all you get for your money?

  2. Anonymous

    Chris, wondering what you tell one of your clients who actually wants to buy one of these 5 houses…don’t bother?

    • I offer advice, period. Someone wants to buy a particular house I’m happy to sell it to him, but I’ll first tell them what I know. For instance, I would suggest to buyers interested in Hearthstone that they stop by when school kids are being dropped off or brought home, just so they can be sure it’s something they can live with.

      • Riverside

        I have spent a lot of time in this house, which belonged to the parents of a close friend when I was young. It is a very nice house, and extremely comfortable and livable as is – yes, I know this is not generally what people are hoping for, but it is actually quite good, with nicely sized living and dining rooms (and a nice sun porch), a spacious kitchen with adjacent family room, and good bedrooms. It would be a great candidate for new kitchen/ baths and other updating and enjoying as is.

  3. Riverside Chick

    Another split level on Driud to bit the dust too. Yellow one with big eagle over the garage (old school) Spoke with someone in the street and said builder selling them before they are built! Is this true?

    • Wouldn’t surprise me. But those two Kali-Naagy houses on Marks Rd still sit, so far as I know. Go figure.

      • Riverside Chick

        I thought they would have reduced a bit more because yet another new one being built next door. Beautiful houses, busy street. A lot of construction traffic due to all the building in Rvsd as well.

    • Anonymous

      Actually, I think the “yellow eagle” house is on Bramble which turns off Druid (which is also an autobahn connecting I95 and RS school). Bramble seems to get considerably less traffic.

  4. New in Town

    Hearthstone has a sidewalk now which is much better than a lot of the other streets that people use to get to the school. It’s unbelievable how much construction is going on right now on that street. I think people are more interested than ever in being able to quickly and safely walk to school and the train. CF, do you really think there will be a bust in Riverside?

  5. KMA

    Riverside is a good spot but the damn I95 and railroad noise is too much to bear for $3mm+. Eastern Middle is a good school but it’s so damn old too and all the ghosts of Riverside past live there along with all the mildew and mold. That’s a real eye catcher.

    • We live in the suburbs, not the woods. Where do you propose to go in town where you won’t hear I-95 or the Merritt or Westchester Airport? And assuming you find such a haven, how will you block the noise of the army of leaf blowers working your neighbors’ yards or your own generator firing up? I like quiet solitude too, but I can’t afford to quit my job and head to Montana.
      Not yet.

  6. Anonymous

    CF, I respect your opinion, but I think the builders are correct to develop between Binney Park and EMS. You’re splitting atoms on the traffic issue. If you look at actual market performance, Wesskum, Owenoke, lower Hendrie, Bramble, Druid, and Hearthstone, have performed very well! These are very desirable streets. Net, net $3MM, albeit high, is spot-on for the location and walk-ability to the schools, park, train and Mackenzies. However, I do agree that the builders are paying too much for the land at an average price of $1.3MM to $1.4MM – stupid.